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What should an NRI keep in mind while purchasing a PROPERTY IN INDIA?

While purchasing property in India, the NRI does not need any special permission for buying residential or commercial properties. Make sure to check each and every document minutely related to the property, check for approved layout plan, all clearances from municipality & electricity etc. Also, you should we aware of the building bye-laws in that particular area to find out if there is any plot dispute and get the confirmation whether all the charges and taxes have been duly paid or not.

Is it a good time for NRIs to invest in the Indian real estate market?

Post Pandemic, things have changed for every industry and for Real Estate as well. The Indian real estate market has recovered well and is stable for future investments. Also, unlike the stock market, it is not volatile. Demand for ready-to-move-in properties has led to a visible boost in the market. Many NRIs are considering property purchase in the home country more because of the emotional connect to stay closer to the family after the Covid-19 pandemic. This is an ideal time to invest in the real estate for substantial capital returns.

How can my NRI daughter release her rights in a property?

An NRI daughter can execute a release or gift deed and release her rights over the property. This can be transferred as a gift to you or any of her relatives.  However, it is subject to some rules and regulations.

Can NRIs take home loans from Indian banks?

Yes, NRIs can avail the home loans from Indian banks and other NBFC's, however, the tenure and repayment rates may be higher.

Can an Indian with a green card buy agricultural land in India?

NRIs are not permitted to purchase agricultural land or plantation property or farmhouse in India as per the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018. However, this is permissible under exceptional circumstances. The RBI may permit an NRI to invest in agricultural property, after reviewing their case.

All NRI property transactions have to comply with FEMA rules?

All property transactions, where an NRI is involved, have to meet the guidelines established under the Foreign Exchange Management Act (FEMA), 1999. The Act establishes rules and procedures for all foreign exchange transactions taking place in India. The Enforcement Directorate (ED) is the agency responsible for enforcing the FEMA.

Who can an NRI can sell his property to?

The rules that are applicable on NRIs with regard to the sale of immovable properties are a bit stringent when compared to residents of India Indians. An NRI, cannot sell agricultural land or plantation property and farmhouse to a non-resident or a person of Indian origin (PIO). However, in case of residential and commercial properties, NRIs are free to sell it anytime to a resident Indian, another NRI or a PIO.

What are the guiding principles for getting hold of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?

It is simple and easy. An NRI can make requests for purchase of agricultural land/plantation property/farm house to the following

  • The Chief General Manager
  • Reserve Bank of India, Central Office
  • Exchange Control Department
  • Foreign Investment Division (III)

Is there any limit on the number of housing properties that may be purchased by an NRI?

No, there are no limits on the number of residential properties that an NRI can buy however repatriation is allowed only for two such properties.

Do NRIs require consent of the Reserve Bank to buy immovable property in India?

If you are investing in plantation / agricultural land /farmhouse you need a consent from the bank however, no permission is needed in case of an NRI purchasing property in India.

How is the sanctioning authority and monitoring authority different in India?

The Municipal authority in some of the states is the ultimate monitoring authority however for smaller states and rural areas, the town and country planning corporation act as the monitoring authority.

Does RBI have any guidelines for loans to NRIs/PlOs?

As per RBI, the housing loans given to NRIs is limited 85% of the total property value. Also, the applicant’s own contribution in the loan amount as well as repayment of the loan should be done via foreign remittances through normal banking channels.

Why Should You choose Realty Assistant?

With expertise and a good hold in the Indian Real Estate market, Realty Assistant ultimately help you make the best decision when dealing with real estate services.

  • Knowledge of the ever-changing locality inside out
  • Communication is our key
  • We use latest technology and marketing tools
  • Experienced sales team
  • One-stop solution for all realty services

How can anyone book a property through Realty Assistant?

You need to log on to > Select or search your desired city > Choose your preferred property from the catalogue. Click on the enquire now and fill the necessary details > You will then get a call back from our team > They will also assist you with the site visit > You will get the support from the organisation until the transaction is successful, which includes all the paperwork, home loan (if required), handle the documentation and manage the process of acquiring the property for you.

What is the tenure for a home loan?

The tenure for a home loan usually varies from 3yrs to maximum of 30yrs depending on the loan amount, borrower's financial strength and bank.

Will I need a down payment amount apart for applying a home loan?

You put around 15% - 25% of the loan amount as a down-payment. Almost all major banks and financial institutions will offer 75% - 85% loan on the total value of the property value.

Will I need a guarantor for my home loan?

Yes, most of the banks ask to present 1 or 2 guarantors to clear the home loan processing.

Can we pay home loan before the tenure or schedule?

Banks and many other financial institutes can offer the facility to prepay the loan. However, there is a fee of 2%- 3% on the outstanding principal amount.

What does it mean by power of attorney?

Power of Attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. It permits the owner to authorize another person to make decisions related to the owner's finances, assets or properties.

Do we need to pay stamp duty for a transferred property or gifted property?

Yes, stamp duty is necessary for both transferred and gifted property. The stamp duty ranges from 7% to 12% depending on the states. Cities to States like Delhi, Haryana etc. allow a concession for 1% or 2% to the female transferors.

Can I get tax benefits on the stamp duty that I pay?

The maximum amount of tax benefit that can be claimed under section 80c is capped at Rs. 1,50,000 on stamp duty, registration costs for a new property or house construction. Although, you can get these benefits only on one self-owned property.

Who is accountable to pay the stamp duty?

Stamp duty is paid by the home buyer/owner, who has the legal authority or holding of the property.

What is Stamp Duty?

Stamp duty is a tax imposed on the sale of property/property ownership by the state government. It is payable to the government for the legal verification of the property.

What is the list of documents needed for registering a resale property?

Unlike buying a new property to resale property, one will have to present New Sale Deeds, PAN Card and Photographs

What is the list of documents needed for registering a new flat or plot?

Registration process is simple these days. If you’re buying an apartment or a plot, these are the documents needed: - Sale Deed - NOC from the builder - Building Plan Approval - NOC from the bank - Completion Certificate - PAN Card - Photographs

What is the number of properties one can own?

The estimated market value of a piece of property that one can demand in the market is called the market value of a property. The property’s market value completely rests on the features like locality, property age, condition, size, build-up area, type etc.

What is the definition of the market value of the property?

Owing any number of properties completely depends on the person. He/she can buy as many properties as they wish to own depending on the finances the person can manage. There's no limit for that.

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